Airlines face a revenue hit of up to $113 billion in 2020 due to coronavirus, a trade group warned Thursday, as more consumers cancel trips due to the outbreak.
In a new assessment of the impact, the International Air Transport Association (IATA) estimated revenue losses to airlines’ passenger business of between $63 billion and $113 billion in 2020, potentially as grave as the 2008 financial crisis.
The bleak forecast came as British carrier Flybe collapsed into bankruptcy and as more carriers lowered forecasts while they ground planes and cancel flights.
